When the IRS believes that you owe them money, they have an immense amount of power to get that money from you. One of the most powerful tools is the bank levy. The IRS can simply take funds from your bank account as full or partial satisfaction of the amount claimed to be owed in taxes. You can learn more below about IRS bank levies below. If you’re a Texas taxpayer and have received a Notice of Intent to Levy from the IRS, contact the experienced Dallas bank levy relief lawyers at the Scammahorn Law Firm, PC as soon as possible for immediate help.
I just found out that the IRS is going to issue a bank levy. How long do I have before they take my money?
The IRS provides taxpayers with 30 days’ notice of a bank levy. This means that taxpayers have 30 days to request a hearing on the impending bank levy. That said, once your bank or credit union receives notice of the bank levy from the IRS, they will submit the funds to the IRS on the 21st day after receiving notice.
In some cases, even if the money remains in your account, the funds will be frozen, so that account holders may not make withdrawals of the levied funds even before they’re seized by the IRS. It is important to take action as soon as possible after receiving notice of a bank levy by calling a seasoned tax attorney to help you resolve the matter quickly.
Will I be able to pay my bills if my bank account has been levied?
Some taxpayers may be eligible for an economic hardship exemption from a bank levy. The IRS will grant a hardship exemption when they have determined that a bank levy would prevent you from keeping up with basic and reasonable costs of living. Keep in mind that the standards for proving an economic hardship are strict, and the IRS will not find a hardship if even your basic living expenses go beyond what they consider to be reasonable.
What can I do to get my property back once it has been levied?
There are numerous ways to get the IRS to release a tax levy. The simplest way is by paying the tax bill that the IRS claims you owe, but this isn’t always possible. With the help of an experienced Texas tax attorney, you could negotiate an affordable installment agreement or offer in compromise that would result in a release of the levied funds.
I think my IRS bank levy was issued by mistake. How do I fix it?
In some cases, the amount that the IRS levied is greater than the amount owed in taxes, the levy was issued in error, or the tax debt that the IRS claims you owe is no longer collectible. The Dallas, Tyler bank levy lawyers at the Scammahorn Law Firm, PC can step in and fight to have your levied funds released when the IRS has wrongly taken funds from your account. Contact them as soon as possible to ensure a speedy resolution of your claim.
For skilled, knowledgeable, and professional help with your Texas bank levy, contact the skilled and dedicated Tyler tax attorneys at the Scammahorn Law Firm 903-595-1000, with additional offices in Dallas for your convenience.